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The scheme is expected to help install solar panels in around 6,000 homes and applications will open in February.
The Cypriot government has approved a rebate scheme aimed at increasing the use of solar panels in Cyprus and reducing household electricity bills.
The plan was first presented by Cyprus’ Minister of Energy and Industry in November, with a budget of 30 million euros ($32.4 million) and is expected to support around 6,000 households.
It has three functions for solar power generation.
In the general photovoltaic category, a subsidy of €375 per kW is offered, with a maximum subsidy of €1,500 (4kW) and an increase of 50% in mountainous areas. The second solar power category is targeted at vulnerable households and offers a subsidy of €1,250 per kW, with a maximum subsidy of €6,250 (5kW).
The third solar power category, entitled “Solar Power for All”, offers the possibility of installing a solar power system to citizens who do not have the initial capital. A subsidy of 250 euros per kW will be granted, with a maximum subsidy of 1,000 euros (4 kW), as well as an additional investment repayment of 1,000 euros per kW (maximum repayment amount of 4,000 euros).
The scheme also offers a one-off bonus of €750 for installing both solar power and roof insulation in the same home.
Applicants are pre-approved before installation and applications are processed electronically, reducing red tape and speeding grant disbursements. Repayments start from a bi-monthly charge of €150 through your household electricity bill.
Installation must be carried out by an installer on the list of participating contractors and applicants will be provided with a 7-year commercial warranty. Solar power and roof insulation installers will begin registering in the coming days.
The system is scheduled to begin accepting applications by the end of February.
According to statistics from the International Renewable Energy Agency (IRENA), at the end of 2022 Cyprus had a cumulative solar power capacity of 464 MW.
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